Fold Holdings Wins Vote Approving Reverse Stock Split of 1-for-2 to 1-for-50
The board will set the final ratio and timing, and the filing gives no effective date.
Key terms
- Ratio range approved: 1-for-2 to 1-for-50; board sets final ratio and timing
- Proposal passed with 43,129,193 votes for, 326,056 against
- No effective date or split-adjusted trading date given in the filing
- Last close $0.51 on Oct. 26; market value about $28.1 million
Fold Holdings, Inc. (Nasdaq: FLD) won stockholder approval for a reverse stock split at a special meeting held Oct. 22, the company said in an 8-K filed Monday.
What stockholders approved
The proposal asked holders to amend the company's certificate of incorporation to allow a reverse split at a ratio between 1-for-2 and 1-for-50. The board will decide whether to proceed, and will set the exact ratio and timing, after the vote.
Stockholders cast 43,129,193 votes for the proposal, 326,056 against and 14,125 abstentions. The proposal needed two-thirds of the total voting power of outstanding shares, and the company said that threshold was exceeded. A second proposal to adjourn the meeting if more votes were needed also passed, with 43,091,819 votes for.
What the filing leaves open
The filing does not give a final ratio, an effective date, or the date when shares would begin trading split-adjusted. It does not say whether the ticker or CUSIP would change, how fractional shares would be handled, or the share count after a split. It also does not give a reason for the proposal.
The last close before the filing was $0.51 on Monday, Oct. 26. Based on 55.1 million shares as of Aug. 9, the company's market value was about $28.1 million.
Sources
Written with AI from the company's SEC filing and our market data, and checked against those sources before publishing. Our editorial standards.
More on Fold
FLD page →Filings, figures and price history are on the Fold page.